Tesla Adds Dogecoin 🚗

Plus, J&J's new cancer drug results.

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Today is Monday, May 6, 2024.

The Early Bird Index today is 69.54.

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Tesla Adds Dogecoin 🚗

Electric vehicle giant Tesla (Nasdaq: TSLA) added Dogecoin as a payment option this weekend, causing the cryptocurrency’s price to surge by over 18%.

Details: Tesla said it will now support Dogecoin payments for certain products, such as merchandise. Dogecoin is also the only crypto that Tesla currently accepts for payments.

Background: The development isn’t a huge surprise given that Tesla CEO Elon Musk has been a vocal advocate for Dogecoin.

Price: Dogecoin is now up 76% in 2024. By comparison, Tesla is still down 27% this year.

Final Thoughts: This news probably doesn't mean much for those who view Dogecoin as a meme coin. Dogecoin is still considered to be a volatile asset.

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Notable Earnings Today: Palantir Technologies (NYSE: PLTR), Spirit Airlines (NYSE: SAVE), Simon Property Group (NYSE: SPG), Goodyear Tire (Nasdaq: GT), BioNTech (Nasdaq: BNTX), Lucid Group (Nasdaq: LCID), Realty Income (NYSE: O), Hims & Hers Health (NYSE: HIMS), Tyson Foods (NYSE: TSN), Vimeo (Nasdaq: VMEO), International Flavors & Fragrances (NYSE: IFF), Marriott Vacations (NYSE: VAC), Fabrinet (NYSE: FN), Vornado Realty Trust (NYSE: VNO), Rocket Lab USA (Nasdaq: RKLB), Jones Lang LaSalle (NYSE: JLL), Microchip Technology (Nasdaq: MCHP), Axon (Nasdaq: AXON), BioCryst Pharmaceuticals (Nasdaq: BCRX), Teradata (NYSE: TDC), Coherent (NYSE: COHR), ADTRAN (Nasdaq: ADTN), Affiliated Managers (NYSE: AMG), Air Lease (NYSE: AL), Alpha Metallurgical Resources (NYSE: AMR), Axsome Therapeutics (Nasdaq: AXSM), BellRing Brands (NYSE: BRBR), Beyond (NYSE: BYON), Bowlero (NYSE: BOWL), Cabot (NYSE: CBT), Fidelity National Information Services (NYSE: FIS), Freshpet (Nasdaq: FRPT), FMC Corp (NYSE: FMC), Golub Capital (Nasdaq: GBDC), J&J Snack Foods (Nasdaq: JJSF), Krystal Biotech (Nasdaq: KRYS), Lumentum (Nasdaq: LITE), Napco Security Technologies (Nasdaq: NSSC), National Health Investors (NYSE: NHI), Noble (NYSE: NE), Northwest Natural (NYSE: NWN), ONE Gas (NYSE: OGS), Otter Tail Power (Nasdaq: OTTR), Playa Hotels & Resorts (Nasdaq: PLYA) Perficient (Nasdaq: PRFT), Primerica (NYSE: PRI), ProAssurance (Nasdaq: PRA), Regal Rexnord (NYSE: RRX), Safehold (NYSE: SAFE), Sunstone Hotel (NYSE: SHO), Symbotic (Nasdaq: SYM), Talos Energy (NYSE: TALO), TreeHouse Foods (NYSE: THS), TrueBlue (NYSE: TBI), Varonis Systems (Nasdaq: VRNS), Vertex Pharmaceuticals (Nasdaq: VRTX), Williams Companies (NYSE: WMB).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: N/A.

J&J's New Cancer Drug Results

On Sunday, Johnson & Johnson (NYSE: JNJ) released the results of the phase 1 study for its new bladder cancer drug called TAR-210.

Details: The results showed a 90% recurrence-free survival rate and a 90% complete response rate in patients with forms of bladder cancer.

Stock Price: Johnson & Johnson is down 6% in 2024, including a 1.5% drop in the last 30 days.

Final Thoughts: It’s been a bad period for pharmaceutical stocks, but Johnson & Johnson is trying to turn things around.

Bitcoin’s Transaction Milestone

On Sunday, the Bitcoin network marked a milestone by processing its one billionth transaction.

Final Thoughts: Despite the milestone, the price of Bitcoin slightly ticked down on Sunday.

Defending Jerome: Why the Fed Is Right to Bide Its Time on Rate Moves (Wall Street Journal)

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.